Rise in need for automate building solutions and supportive industry standards and regulations are the major factors that have propelled the growth of the global mass notification system market
PORTLAND, Oregon, April 13, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Mass Notification System Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Type (In-Building Solutions, Wide-Area Solutions, and Distributed Recipient Solutions), and Industry Vertical (BFSI, Energy & Utilities, Education, Healthcare, Government & Defense, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global mass notification system market accounted for $8.05 billion in 2018, and is expected to reach $35.23 billion by 2026, growing at a CAGR of 20.3% from 2019 to 2026.
Major driving factors
Increase in need for automate building solutions and supportive industry standards and regulations have boosted the growth of the global mass notification system market. However, high installation and maintenance costs impede the market growth. Moreover, increase in adoption of smart cities across developing nations is expected to create lucrative opportunities in the near future.
The service segment to portray the fastest CAGR through 2026
Based on component, the service segment is expected to manifest the highest CAGR of 22.8% during the forecast period, owing to rise in need of various different services such as managed service and professional services. However, the solution segment held the largest share in 2018, accounting for around three-fourths of the global mass notification system market. The mass notification solutions are cheaper and are faster to deploy, which drives the growth of this segment.
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The cloud segment held the largest share
Based on deployment, the cloud segment dominated the global mass notification system market in 2018, contributing to nearly three-fifths of the market, owing to the different services provided by the cloud. On the other hand, the on-premise segment is projected to portray the highest CAGR of 22.4% during the forecast period, owing to the increase in the adoption of these systems due to enhanced security features provided by the on-premise model.
North America to dominate the market in terms of revenue
Based on geography, the market across North America held the largest share in 2018, accounting for more than one-third of the total revenue, and is expected to continue its dominance throughout the forecast period. This is due to rise in investment in the emergency preparedness along with technological advancement in infrastructure technologies. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 22.80% during the study period, due to continuous rise in the number of terrorist attacks and natural calamities in this region. The report also analyzes regions across Europe, and LAMEA.
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Major market players
- Johnson Controls
- Honeywell International Inc
- IBM Corporation
- Siemens AG
- Eaton Corporation
- OnSolve (Ecn+ Mir3+ Sendwordnow)
- NetApp Inc
- Everbridge Inc.
- Metis Secure Solutions and xMatters Inc
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